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Oil Price Update: WTI and Brent Eye Fourth Consecutive Day of Losses

March 10, 2023

Via: DailyFX

Crude Oil faced renewed selling pressure this morning in what has been a difficult week for the commodity. This followed a positive start to the week as WTI by broke above the 100-day MA for the first time since November 7, WTI has been on a steady decline eyeing its fourth consecutive day of losses.

Obviously, the key talking point this week has been the rise in rate hike expectations and inflationary fears which have affected a host of risk assets while the strengthening dollar has not helped matters. However, yesterday saw a slight reprieve for risk assets as well as a decline in the dollar yet oil prices continued its downward trajectory. So, what other factors could be the cause for the continued pressure Oil prices have faced this week?

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